BLOOMINGTON, MINN. — Colliers Mortgage has originated an $11 million HUD 223(a)(7) loan for the refinancing of Realife Cooperative of Bloomington on Lyndale. The 96-unit seniors housing property is located in Bloomington, just south of Minneapolis. The loan, which is fully amortized over 36 years, lowered the interest rate and provided substantial annual savings, according to Colliers.
DETROIT — Dominion Real Estate Advisors has brokered the sale of a 42,000-square-foot industrial building in Detroit for an undisclosed price. The property is located at 12727 Greenfield Road. Rem Murray of Dominion represented the seller, 12727 Greenfield LLC. Detroit-based logistics company LD Transport purchased the building.
ARLINGTON HEIGHTS, ILL. — Krusinski Construction Co. (KCC) has completed the buildout of an 11,500-square-foot rehabilitation center for Shirley Ryan AbilityLab at Enterprise Office Campus in Arlington Heights. This project is the fourth Chicagoland facility that KCC has completed for Shirley Ryan AbilityLab, which was formerly known as the Rehabilitation Institute of Chicago. The Arlington Heights location features a therapeutic area, private therapy rooms, auxiliary rooms and a staff area. The project team included Cannon Design, Manhard Consulting and Ascent.
CHICAGO — Brownson, Rehmus & Foxworth (BRF), a privately held wealth management company, has signed an 11,318-square-foot office lease to occupy space on the 18th floor at 227 W. Monroe St. in Chicago. Known as The Franklin, the two-building complex totals approximately 2.5 million square feet. It features a conference center, health club, underground parking and ground-level retail space. BRF will relocate from 200 S. Wacker Drive this summer. Tony Karmin and Corby Marx of Colliers International represented BRF in the lease transaction. Carey Spignese of Tishman Speyer Properties represented building ownership.
CHANNAHON, ILL. — Venture One Real Estate’s Crossroads 55 Business Park in Channahon is now fully leased. CJ Logistics America recently took occupancy of a 1 million-square-foot facility located at 24101 S. Frontage Road, about 13 miles southwest of Joliet. Additionally, Venture One recently began development of a 1.3 million-square-foot build-to-suit for Scotts Miracle-Gro, which will be located at 24231 S. Exchange Blvd. Clayco is building the facility, which is slated for completion in the fourth quarter. The remaining 1.1 million square feet of Crossroads 55 is leased to an undisclosed e-commerce company. Lynn Reich and Suzanne Serino of Colliers International represented CJ Logistics while David Prell and Phililp Pelok of CBRE represented Scotts Miracle-Gro. Jim Estus and Brian Kling of Colliers represented ownership.
INDIANAPOLIS — SomeraRoad, a New York City and Nashville-based real estate firm specializing in restoring and modernizing historic properties, has acquired the majority stake in the historic Stutz Factory in downtown Indianapolis for an undisclosed price. The company will embark on a long-term redevelopment and modernization plan for the 400,000-square-foot property. The seller, Turner Woodard, will retain a minority ownership position and consult on the redevelopment efforts. Woodard, an Indianapolis resident and adaptive reuse developer, has owned the Stutz Factory since 1992. The multi-building property was originally built in 1912 as the home of the Stutz Motor Car Co. It is currently home to more than 200 art studios and specialty businesses. Stutz was an American producer of high-end sports and luxury cars. Stutz manufactured its last car in 1934 and the company closed in 1937. Colliers International has been retained as property manager.
PALATINE, ILL. — Midwest Industrial Funds (MIF) and its joint venture partner PCCP have purchased a 25-acre site on Sellstrom Drive in Palatine, a northwestern suburb of Chicago. The developers are building a $50 million speculative industrial project spanning two buildings and 428,000 square feet. It will be branded as Palatine Corporate Center. Demolition of three existing buildings at the site will commence in February. Completion of the new buildings is slated for the fourth quarter of this year. Steve Trapp and Sam Durkin of JLL represented the undisclosed seller. The duo has also been retained by MIF to market the new buildings for lease. MIF’s in-house construction arm, MIF Construction LLC, will serve as the general contractor. Harris Architects and Spaceco provided design services for the project.
ANDOVER, MINN. — JLL Capital Markets has brokered the $18.7 million sale of The Estates at Arbor Oaks in Andover, which is about a 30-minute drive from downtown Minneapolis. The 66-unit active adult community sits on 12.5 acres. It is currently 95 percent occupied. Resident amenities include a bistro, salon, fitness center, pickleball court, outdoor patio, underground parking, continental breakfast and recreational programs. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Estates of Arbor Oaks LLC. Matt Steffen, Ken Dayton and Russ Kappenman of JLL arranged acquisition financing on behalf of the buyer, PC Arbor Oaks LLC.
NEW HOPE, MINN. — Marcus & Millichap has arranged the $10.4 million sale of Wincrest Apartments in New Hope, just north of Minneapolis. The 108-unit multifamily property, located on Winnetka Avenue, is comprised of three buildings. Units range in size from 750 to 1,050 square feet. Monthly rents average $912. The community was built in the late 1960s and recently received upgrades. Abe Roberts of Marcus & Millichap marketed the property on behalf of the undisclosed seller and procured the buyer, a local investor.
GREENFIELD, IND. — JLL Capital Markets has brokered the sale of Building I at Mount Comfort Logistics Center in Greenfield, a suburb of Indianapolis. The 660,384-square-foot industrial facility, built in 2020, is fully leased to an e-commerce tenant. Building I features include a clear height of 36 feet, 178 dock-high doors, two drive-in doors, LED lighting and both trailer and car parking. John Huguenard, Ed Halaburt and Jake Sturman of JLL represented the seller, Indianapolis-based Ambrose Property Group. The buyer information and sales price were undisclosed. Ambrose is underway on Building II at the industrial park, which is expected to span 2.2 million square feet upon completion.
